Bitcoin Exchange - What is it?
Monday was knocking at my window, and I was surrounded by the blues much like everyone else. Climbing up the stairs to my office I heard the hustles (mostly indulged in some banter). The most trending topic of the millennium was in the heat, yeah! "BITCOIN". The logical arguments of volatility were not enough to overshadow the insane Bitcoin trading. In an UX Studio, going with the product idea is equivalent to buying the train ticket. We are always a little skeptical about onboarding. We pulled out our phones to discover the best platforms for Bitcoin Exchange and check if we can put some inputs to the prevailing UX Problem. Google was pretty biased with the names below.
What is YAY:
- Works on apps and website.
- Simple for non technical users to buy Bitcoins.
- Also, buying and selling Bitcoins worth 100$ or more, would add-up 10$ to your wallet.
- Furthermore, quick buying option is available with credit card.
What is SIGH:
- First-of-all, account freezing during verification is bothersome.
- Account lockouts are very common to happen.
- In addition to that, email support system is bad.
- Photo for verification cannot be uploaded through a phone. Consequently, questioning usability of users.
What is YAY:
- First tick on my checklist to have an app and a website
- Funky homepage that creates delight
- Finally, a seamless signup with a descriptive video in both English and Hindi.
What is SIGH:
- Firstly, long list of terms and conditions to sign-up.
- “15” days of verification was required.
- The graphs are pretty, yet there are no timeline filters (only daily variation of the graph is visible which might result in ambiguous estimation).
- Also, referring to friends required verification, and verification needs 15 days. That’s way too long.
What is YAY:
- Works only through an app.
- Well coordinated with the international pricing while buying and selling.
- Referring to friends can get me 0.10% of Bitcoin with each of their transactions
- Clean, uncluttered and easy to understand
- Takes only 3 days for verification.
What is SIGH:
- Very cold website, looks like a bank therefore fails to appeal to the promise of bitcoin.
- While onboarding process, transparency and awareness about the product is missing.
- Chat-Box is missing which makes the support system weak.
- Micro-payments are not user-friendly.
We love money, the feeling of crisp notes in our hand right out from the ATM does give tickle in the stomach. Can the Bitcoin Exchange app replace this feeling? I personally don’t think so. It’s far away from keeping us engaged or creating absolute delight. Since Bitcoin is such a revolution in currency, I wonder how we will see it change? How would consumers rather make transition from cash, cards and wallets to Crypto.
The chaos gave me dejavu of the time we worked for Augray-The Augmented Reality App . Another disruptive technology which blew our mind. Designers at Netbramha Studio were really excited to sail to make the experience magical in the Bitcoin Ecosystem. Fixing some of the UX Problem must create wonder in this revolution. We settled for following:
7 Ideas To Solve UX Problem in Bitcoin Exchange System
- First-of-all, Bitcoin purchased though an app already used by the mass with just a touch, would attract a lot of non-technical population interested in this little gamble. Square integration with Bitcoin is starting the trend.
- The volatile technology requires smooth alert system. Keeping people notified with the variation in prices would mitigate the risk and increase transparency.
- Also, on-boarding process requires innovative ideas to educate people through fancy Bitcoin Games.
- PINs/Passwords are decade old strategies. Facial recognition or thumb imprint to unlock would justify the security of the most disruptive technology.
- Should I give my Credit Card Details to an app I don’t even know how to use? Most of us would quit there! Major UX problem! Practice in a dummy app before getting into the battle of real Bitcoin trading would consequently give confidence among people.
- In addition, when it comes to investing money we need opinions of people we trust. Troublesome and rewarding referring process would increase in larger investments.
- Furthermore, a strong support system with interactive instant chats and easy verification would therefore enhance usability, solving the UX Problem here.
- Finally, fixing the biggest UX Problem lies in the face of Bitcoin-Exchange-Apps. The Bitcoin idea should speak through it’s appearance. Because only a polished appearance would probably build trust consequently, resulting in mass adoption.
To Sum It Up!
In conclusion, there is major scope to redesign and improve user experience in the Bitcoin Ecosystem. Bitcoin is the future of currency. Value of 1 Bitcoin today is $18325 increasing from $775 in December, 2016. Let us work to make it accessible to every one, before its price reaches its peak. Better late than never, right?
Solve your Bitcoin/ Fin-tech UX with us. Netbramha Studios has been impacting user experience for the past 9 years for a lot of BFSI clients including SwitchMe, ICICI, McKinsey, Dynamic Levels , EKA Trading and many more. Let the cryptography wars begin!